The EOS price has been in a tight range in the past few days. The token is currently trading at $4.68, which is about 20% above the lowest level in October. Its total market capitalization has moved to more than $4 billion, making it the 43rd biggest cryptocurrency in the world.
EOS is a blockchain project that was developed by Block.one, the company that had the biggest Initial Coin Offering (ICO) on record. It raised more than $4 billion at the time.
EOS is a platform that is relatively similar to Ethereum in that it enables people to build applications. It prides itself for having fast and efficient, highly configurable, and security features.
However, to a large extent, EOS has failed. For one, while Block.one raised billions of dollars, the usage of EOS is relatively small. Indeed, data by DappRadar shows that its usage is significantly lower than that of younger platforms like Solana and Avalanche.
Indeed, the CEO of EOS Foundation believes that the platform has failed because of its association with Block.one. In a statement, he said this about his association with Block.one.
“To the greater blockchain ecosystem, EOS is Block.one, Block.one is fraudulent, therefore, EOS is fraudulent. The reality for those within the EOS ecosystem is that we also have reached a consensus and agree with this assessment that they are fraudulent.”
Block.one has always been a fishy organization. In fact, in 2019, the company was ordered to pay a $24 million fine by the SEC for running an unregistered ICO. The company also made claims that it will launch a cryptocurrency exchange known as Bullish soon. It said that the platform will have about $10 billion in assets, which many close watchers don’t believe.
On the four-hour chart, we see that the EOS price has been in a relatively steady upward momentum. However, the price has lagged that of its peers like Ethereum and Solana. The price is also above the 25-day and 50-day moving averages. What’s important is that the coin has formed a rising wedge pattern, which is usually a bearish sign.
Therefore, we can’t rule out a situation where EOS experiences a major bearish breakout in the near term. This will see it retest the key support of $4.0.
This post was last modified on %s = human-readable time difference 05:44